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Ask a Lawyer -- Corporations
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Brought to you by MedLawPlus.com®-- Corporate Bylaws and initial board of directors resolution Price: $14.99 (free trial) |
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Question: I am a 50% owner of a corporation. My partner, due to health issues is no longer able to perform job duties needed to run the business. I have tried several times to buy the other 50%, but refuses to sell. I was wondering if there is any legal way to force a partner to sell. I can't continue to carry the work load for both. Response: To my knowledge, the only way to force a co-owner of a corporation, under these circumstances, to sell his or her shares is through a binding buy-sell agreement that is triggered by the failure of a party to perform job duties described in the agreement. I assume you have no such agreement. If your business is service oriented or does not require a large amount of capital to operate, you may want to consider resigning from the board of directors and as an employee of your current corporation and setting up a competing business. There are certain legal issues involved in such a maneuver so I wouldn't do it without guidance from an attorney experienced in corporate matters. Submitted: 11-16-2005; Richard, MO Response: 11-21-2005; JJR Add A Comment |
Ask a Lawyer, Corporations Archives
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